Movies and Entertainment

Tencent Music

美图公司

Deep Research

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In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

TENCENT

Tencent Holdings Limited

Tencent

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Bilibili

MEITU

TME-SW

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Kanzhun

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Tencent HK SDR 10to1

Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

Conference Minutes

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LOVE

LOTWW

The following are the minutes of the FY25Q3 earnings call for $TENCENT(00700.HK) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Tencent: Not Playing Heartbeat with Meta, Just Wanting Steady Happiness.&#34; 1. Review of Core Financial Information 1. Capital Expenditure: Operating capital expenditure: RMB 12 billion, down 18% year-on-year, mainly due to changes in the supply chain. Non-operating capital expenditure: RMB 1 billion, down 59% year-on-year. 2. Free Cash Flow: RMB 58.5 billion, roughly flat compared to the same period last year (growth in operating cash flow was offset by other factors)...

Meta Platforms

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Lotus Tech

C3.AI

Lovesac

LOTUS TECHNOLOGY INC C/WTS 22/02/2029 (TO PUR COM)

Tencent (Minutes): Emphasizes AI, but Lowers Full-Year Capex Guidance

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1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

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Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

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PLAY

The following are the minutes of Tencent Music's 3Q25 earnings conference call organized by Dolphin Research. For financial report interpretation, please refer to &#34;With ByteDance's Efforts, Can Tencent Music Still Be 'Small and Beautiful'?&#34; 1. Review of Core Financial Information: 1. Tencent Music Entertainment Group (TME) reported a 21% year-on-year increase in total revenue for the third quarter of 2025, reaching RMB 8.5 billion, marking the highest growth rate since the first quarter of 2021. This was driven by the continued growth of the music subscription business, strong performance in offline concerts, advertising services, and sales of artist-related merchandise. 2. Online music revenue increased by 27% year-on-year to RMB 7 billion...

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Tencent Music (Minutes): Subscription growth slightly slowed, short-term investments impact profitability

Financial Analysis

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On November 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) (TME.N;$TME-SW(1698.HK)) released its third-quarter financial report for 2025. Overall, the results exceeded expectations, particularly with the partial realization of the second growth curve narrative. However, there were flaws, as the net increase in subscriptions continued to slow, indirectly confirming market concerns about intensified competition before the earnings report. Currently, there remains a significant difference between the core users of Tencent Music and ByteDance (Tencent Music vs ByteDance = high-tier music essential users vs lower-tier Douyin catchy tune users)...

NETEASE MUSIC

Canaan

ByteDance makes a push, can Tencent Music still be 'small and beautiful'?

Tencent Music 3Q25 Quick Interpretation: The third-quarter report overall exceeded expectations, especially with the partial realization of the second growth curve story. However, the flaw is that the market's concerns about intensified competition before the earnings report have not been disproven. It is recommended to pay attention to the management's discussion on ByteDance's recent actions and the company's countermeasures during the conference call. Specifically: 1. Overall: Both revenue and profit beat expectations, primarily driven by the accelerated growth of other music revenue. 2. Core Subscription: Revenue grew by 16%, which, although in line with expectations, shows a trend shift from user growth to ARPPU (Average Revenue Per Paying User) growth (increased penetration of SVIP). The net increase in subscriptions was 1.3 million, continuing to decline quarter-on-quarter. This growth logic works in a stable competitive environment, but if competition intensifies, the ARPPU growth may struggle to sustain. 3. Other Music Services: This segment includes advertising, digital album sales, copyright sublicensing, and value-added services. It saw an unexpected acceleration in growth by 53% in the third quarter, reaching 2.5 billion, thanks to the resumption of offline concerts. Fan economy is one of Tencent Music's three major future growth points (the other two being SVIP and long-form audio). Specific products and services include concert tickets and merchandise, physical albums, and artist-fan interactions (rewards, Bubble, etc.). 4. Social Entertainment: Continues to recover. Third-quarter revenue declined by 3%, with a continued slowdown quarter-on-quarter, and is expected to gradually return to positive growth. However, this business segment is subject to regulatory and industry downturn trends and is not a future focus. The main goal is to maintain stability, but overall gross margin can be improved by reducing revenue sharing. 5. Rising Expenses: After three years of restrained operating expenses, this quarter finally saw an increase. However, overall growth remains in the low range, with an 8% year-on-year increase. In absolute terms, the increase is mainly due to administrative expenses (including R&amp;D). Dolphin Research believes that the increase in expenses indicates Tencent's strong desire for the second growth curve, reflected in the spending on recruitment. Although the operating profit of the core main business still saw a high year-on-year growth of 34%, the profit margin did not continue to improve but declined by 2 percentage points quarter-on-quarter. $Tencent Music(TME.US) $TME-SW(01698.HK)

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1111 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. The U.S. Senate has passed a temporary spending bill aimed at ending the longest government shutdown in history, which has lasted for 41 days. The bill now requires approval from the House of Representatives and the President's signature to take effect. This move is a result of bipartisan compromise, providing short-term relief from economic and livelihood impacts, but the core disagreements are merely postponed, with the possibility of another deadlock after January 30th, highlighting the increasing trend of political polarization in the United States. 🐬 Individual Stocks 1. $Baidu(BIDU.US) RoboTaxi has received the first batch of fully unmanned commercial operation licenses issued by the Abu Dhabi Integrated Transport Center...

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Integral Acquisition  1

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INTEGRAL ACQUISITION CORP 1 C/WTS 31/05/2028 (TO PUR COM)

XPeng surged 17% in a single day; Intel AI Chief jumps ship to OpenAI | Today's Important News Recap

The following is the earnings call minutes for $Tencent Music(TME.US) FY25 Q2. For an interpretation of the earnings report, please refer to &#34;Tencent Music: A Vertical Bull Stock, An Endless Gold Mine?&#34;. In the second quarter of 2025, the company achieved high-quality growth, with both revenue and profitability showing strong year-over-year growth, and it is expected that this strong momentum will continue into the third quarter. The online music subscription business remains the core growth driver and continues to attract attention. (1) Guidance and Future Outlook: The company plans to expand the tour of Korea's top artist G-DRAGON to other regions this year...

TME (Minutes): Strong Growth Momentum to Continue into Q3

On August 12th, after the Hong Kong stock market closed and before the U.S. stock market opened, $Tencent Music(TME.US) $TME-SW(01698.HK) released its financial report for the second quarter of 2025. As expected from a leading Chinese stock, the Q2 performance remained strong. Specifically: 1. Subscription met expectations: Subscription revenue grew by 16% in the second quarter, with a net increase of 1.5 million subscribers, and an average payment of 11.7 yuan per month per user. Both volume and price changes were in line with guidance and expectations. After a year of subscription user expectation adjustments last year, the market has gradually accepted the management's growth guidance—abandoning the tracking of single subscription numbers...

Tencent Music: A Vertical Bull Stock, an Endless Gold Mine?

Tencent Music 2Q25 Quick Interpretation: As expected from a leading Chinese stock, TME's Q2 performance remains strong.Although the revenue mainly exceeded expectations in other online music areas such as advertising and digital album sales, the growth rate of operating expenses slowed down again, demonstrating TME's stable competitive position and efficient internal operations. Ultimately, core operating profit significantly exceeded expectations.1. Subscription revenue met guidance: In the second quarter, net increase in paid users was 1.5 million (+6% yoy), with an average monthly payment of RMB 11.7 (+9% yoy), jointly driving subscription membership revenue to grow steadily by 16%. As of the second quarter, the overall platform's payment rate continued to increase to 22.5%.The company's long-term goal is first to match long video platforms at 25%, and then (optimistically) to match global platform Spotify at 40%+.2. Advertising, concert peripherals, etc. greatly exceeded expectations: Other online music revenue grew nearly 50%. In addition to some deferred licensing from Q1 bringing incremental growth to Q2, current advertising, offline concerts, physical albums, ticket peripherals, etc. all grew strongly.In the long term, this is beneficial for further strengthening TME's brand in the music industry chain and helps future business extension in the industry chain. However, in the short term, there are occasional factors (such as intensive concerts, album releases by popular singers), which cannot be simply linearly extrapolated.3. Continued efficiency improvement, profitability still has room for enhancement: Despite stable high revenue growth, the three expenses in the second quarter continued to decelerate, reaching new lows or relatively low levels in recent years from an absolute value perspective. Ultimately, core operating profit was 31%, and adjusted net profit was RMB 2.6 billion, exceeding the guidance and expectations of RMB 2.2-2.3 billion.Although Q2 gross margin did not improve significantly, in the long term, Dolphin Research still expects cost optimization. Besides the continued optimization of cost structure in the live streaming business, the optimization of copyright costs is a long-term logic for Tencent Music.4. As of the end of Q2, the company had RMB 20 billion in net cash (cash + short-term investments - long and short-term interest-bearing debt), equivalent to USD 2.8 billion. Compared to the previous quarter, it decreased mainly due to the acquisition of Himalaya. The specific operating situation will be discussed further when consolidated in the quarterly report. $TME-SW(01698.HK)$Tencent Music(TME.US)

Nomura Upgrades Tencent Music to Buy but Cuts Price Target

Tencent Music Launches AI Music Creation Tool VEMUS

Morgan Stanley Downgrades TME's Target Price

Tencent Music and China Aviation Media Reach In-Flight Entertainment Content Partnership

Nomura Report States TME Maintains Leadership in Chinese Online Music Market

China Music Copyright Association Signs Strategic Copyright Cooperation Agreement with Tencent Music

Tencent Music Introduces AutoMQ to Reduce Kafka's Operation Cost and Complexity

CITIC Securities Maintains Buy Rating for Tencent Music A Shares with Target Price

Huatai Securities Maintains Buy Rating on Tencent Music's Class A Shares

Morgan Stanley Reiterates Buy Rating on Tencent Music with a Target Price of HKD 107.25

Citibank Maintains Buy Rating on Tencent Music Entertainment Group

CCB International Maintains Overweight Rating on Tencent Music

Barclays Raises Target Price for Tencent Music to $28

Benchmark Downgrades TME Target Price to $25

CLSA Reiterates Overweight Ratings for NetEase Cloud Music and Tencent Music

HSBC 上调 TME revenue forecasts but lowers target price

Citi Maintains Buy Rating on Tencent Music with $29 Price Target

CICC Maintains Buy Rating on Tencent Music Group Class A Shares

CMBI Cuts Tencent Music's US Stock Target Price

Nomura maintains 'buy' rating on Tencent Music, forecasts 13% revenue growth in 2026

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Tencent Music Entertainment Group (01698.HK, TME.US) Q2 2025 Earnings Conference Call

Tencent Music Entertainment Group (01698.HK, TME.US) Q1 2025 Earnings Conference Call

Tencent Music Entertainment Group (01698.HK, TME.US) 2024 Fourth Quarter and Full Year Earnings Conference Call

Tencent Music Entertainment Group (01698.HK, TME.US) Q3 2024 Earnings Conference Call

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